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Spire Bank premium slash signals more rate reductions
National Treasury’s Nzomo Mutuku with Spire Bank board chairperson Teresa Mutegi during the launch of the lender in July. PHOTO/FILE
Spire Bank has slashed its insurance premium financing (IPF) rate by 6.5 percentage points to eight per cent, indicating that the new low-interest rate regime is now expanding to auxiliary loan products offered by banks.
Banks are offering the IPF at as high as 14.5 per cent, which puts it slightly above the maximum capped rate of 14 per cent the lenders can charge for normal customer loans.
